Oil and gas exploration to begin at the Great South Basin

According to Associate Energy Minister Harry Duynhoven, international investors are preparing to spend over a billion dollars exploring the Great South Basin, New Zealand. The work planned for the Great South Basin is unique to New Zealand’s history and could double the amount of investment in oil and gas exploration over the next 5 years.

The exploration of this area has been presented to 2 major groups of investors:-

A consortium led by OMV New Zealand Limited (Austria) which includes PTTEP Offshore Investment Company Ltd (Thailand), Mitsui Exploration and Production Australia Pty Ltd (Japan).

A consortium led by ExxonMobil New Zealand (Exploration) Limited (USA) which includes local company Todd Exploration Limited (New Zealand).

According to the energy minister, New Zealand will benefit significantly if the exploration is successful. The world is committed to reduce its dependence on fossil fuels but we will rely on oil and gas for the foreseeable future. It is in our interest to use the oil from local sources, where possible.